North Carolina-based Albemarle, the world’s most valuable lithium producer by market cap, hopes to boost its global production of the metal more than threefold by the end of the decade. But the company expects just 30% of its output to qualify for subsidies under the Inflation Reduction Act, Eric Norris, the company’s president for lithium, said Wednesday. That’s because most of Albemarle’s—and the world’s—lithium is refined in China, whose material the IRA subsidies exclude.
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